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Sep 14, 2020 (The Expresswire) —
The rising threats of terrorism around the world is a key factor driving the global torpedo market, says Fortune Business Insights in a report, titled “Global Torpedo Market Size, Share and Industry Analysis, By Weight (Heavyweight Torpedoes and Lightweight Torpedoes), By Propulsion (Electric and Conventional), By Launch platform (Air-launched, Surface-launched, and Underwater-launched), and Regional Forecast, 2016-2026.” The global torpedo market was valued at USD 805.3 Million in 2018 and is expected to reach USD 1,113.9 Million by 2026, exhibiting a CAGR of 4.2%.
As per the report, the global torpedo market on the basis of weight is segmented into a lightweight torpedo and heavyweight torpedo. The heavyweight segment is expected to account for maximum shares during the forecast period owing to its design to launch from submarine torpedo tubes. For instance, The Varunastra, an Indian advanced heavyweight anti-submarine torpedo, developed by the Naval Science and Technological Laboratory of the DRDO for the Indian Navy.
The report notifies the transitions and changes that occurred in recent times. It gives vast information and educates about the prevailing trends in the global torpedo market to assist companies in their growth and development process. The report comprises of a selection of data, involving industrial developments, market drivers, growth restraints and trends.
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Market Drivers and Restraints:
“Rising Security Concerns Will Favor Growth”
The growing threats of terrorism will create new growth opportunities for the global torpedo market. The growing conflicts between countries will further enable the growth of the global torpedo market. The surge in the deliveries of naval ships and submarines by the different naval forces around the world will contribute significantly to the global torpedo market during the forecast period.
Furthermore, the heavyweight segment will generate maximum revenue for the global torpedo market during the forecast period owing to the design of the heavyweight torpedoes to from submarine torpedo tubes. These torpedoes are majorly carried by vessels into their torpedo launching tube. In addition, the lightweight torpedo segment is expected to witness significant growth during the forecast period owing to its design to secure littoral supremacy. For instance, the Mark 54 Lightweight Torpedo was jointly by Raytheon and the US Navy under for the U.S. Navy’s Lightweight Hybrid Torpedo program.
“Rising Defense Budget Around The Globe Will Create Lucrative Growth Opportunities”
The announcement of the successful trail of SeaSpider in Baltic sea will boost the torpedo market revenue during the forecast period. For instance, ATLAS ELEKTRONIK GmbH announced the successful trail of SeaSpider, (ATT- Anti-torpedo-torpedo) in Baltic sea. The trial conducted in partnerships with German Bundeswehr Technical Center. In the same month, ATLAS ELEKTRONIK and Canada government signed an agreement over the development of advanced ATT which will be equipped with new technology and propulsion systems. Furthermore, the surge in the defense budget of global countries will accelerate the global torpedo market growth. Moreover, the increasing deliveries of naval vessels and submarines will further stimulate the growth of the global torpedo market. Nonetheless, Increasing conflicts between countries around the world will also enable the growth of the global torpedo market.
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“Sea-launched torpedo is anticipated to exhibit a significant CAGR during the forecast period.”
Based on Launch platform type market is classified as Sea launched torpedo and Air launched torpedo. Torpedoes released from submarines, and surface vessels considered under the sea-launched torpedo under the launch platform segment. The Sea launch torpedo further studied for surface-launched and Underwater-launched platforms. The surface-launched torpedoes majorly launched from the surface naval vessels. The surface naval vessels have torpedo tubes to launch the torpedo into the sea; the Mark 32 sea-launched Triple Torpedo Tube (TTT) launcher permits cruisers and destroyers to participate without delay in an anti-submarine struggle, looking down submarines with acoustic homing torpedoes. The Mark 32 makes use of a pneumatic ejection device to release torpedoes far away from the sub-hunting ship into the ocean.
Whereas, the Air launched torpedoes can be carried with the aid of aircraft generally used for antisubmarine warfare. The air-launch torpedo witnessed diminishing demand with the introduction of new technologies such as anti-submarine missiles and improvement in the naval rocket systems.
Asia-Pacific is the fastest-growing market appreciably supported by the procurement of torpedoes by the major naval forces in the region. China, especially, has released a massive number of naval ships and submarines, as a result of the continuing tensions inside the South China Sea. China and India are dominating the Asia-Pacific heavyweight torpedoes market. Massive investment by India to developed heavyweight torpedoes in the region is driving the Asia Pacific market.
The Key Players Present In The Global Torpedo Market Include:
- Aselsan AS
- Atlas Elektronik GmbH
- BAE System PLC.
- Bharat Dynamics Limited.
- DCN International S.A.
- Honeywell International Inc.
- Leonardo SpA.
- Lockheed Martin Corporation.
- Naval Group
- Northrop Grumman Corporation
- Raytheon Company.
- Saab AB.
- Sechan Electronics Inc.
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July 2019: Bharat Dynamics Limited signed a strategic contract with Indian Navy. The contract value estimated at US$ 164.3 Mn. According to the agreement, Bharat Dynamics Limited agreed to provide heavyweight torpedoes to the Indian Navy for the next 42 months.
April 2019: ATLAS ELEKTRONIK GmbH announced the successful trail of SeaSpider, (ATT- Anti-torpedo-torpedo) in Baltic sea. The trial conducted in partnerships with German Bundeswehr Technical Center. In the same month, ATLAS ELEKTRONIK and Canada government signed an agreement over the development of advanced ATT which will be equipped with new technology and propulsion systems
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Torpedo Market 2020 : Top Countries Data, Market Size with Global Demand Analysis, Manufacturers and Business Opportunities Outlook 2027
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